Help & Advice

Personal loan

Tim Carpenter, Car Finance Expert

Tim Carepenter

3 stars -
"Personal loan"

Once limited to your high street bank or building society, personal loans are nowadays offered by many different lenders.

Thanks to our partnerships with a wide range of such providers, we are able to offer competitive rates on unsecured personal loans – loans which allow you to buy a car outright, for your immediate ownership, and without your borrowing needing to be secured against the vehicle itself.

But not everyone’s financial circumstances are the same. If you have had trouble managing your debts, received county court judgments (CCJs) against you, entered Individual Voluntary Arrangements (IVAs) with your creditors, or ever been bankrupt, your credit score is likely to have been negatively affected. That is when it might prove more difficult to obtain a personal loan – especially since the borrowing is unsecured. If you believe your credit score has been negatively affected by previous issues with your borrowing, we may still have an unsecured finance option available for you, which is that of a guarantor loan.

The good news is that at CarFinance 247 we have car, motorbike, van and motorhome finance options suitable for those with credit scores ranging from poor to excellent. So while you may find that a personal loan isn’t quite right for you, you may find that one of our hire purchase agreements is much more suitable.

At CarFinance 247, you can choose a vehicle from any reputable dealership in the UK! If you do have good credit and opt for a personal loan agreement, you are then also given the option of using the funds to finance a private sale too, should you find your perfect vehicle being advertised privately.

Once limited to your high street bank or building society, personal loans are nowadays offered by many different lenders.

Thanks to our partnerships with a wide range of such providers, we are able to offer competitive rates on unsecured personal loans – loans which allow you to buy a car outright, for your immediate ownership, and without your borrowing needing to be secured against the vehicle itself.

But not everyone’s financial circumstances are the same. If you have had trouble managing your debts, received county court judgments (CCJs) against you, entered Individual Voluntary Arrangements (IVAs) with your creditors, or ever been bankrupt, your credit score is likely to have been negatively affected. That is when it might prove more difficult to obtain a personal loan – especially since the borrowing is unsecured. If you believe your credit score has been negatively affected by previous issues with your borrowing, we may still have an unsecured finance option available for you, which is that of a guarantor loan.

The good news is that at CarFinance 247 we have car, motorbike, van and motorhome finance options suitable for those with credit scores ranging from poor to excellent. So while you may find that a personal loan isn’t quite right for you, you may find that one of our hire purchase agreements is much more suitable.

At CarFinance 247, you can choose a vehicle from any reputable dealership in the UK! If you do have good credit and opt for a personal loan agreement, you are then also given the option of using the funds to finance a private sale too, should you find your perfect vehicle being advertised privately.

Representative example:

Borrowing £7,500 over 4 years with a representative APR of 25.4%, an annual interest rate of 25.4% (Fixed) and a deposit of £0.00, the amount payable would be £239.77 per month, with a total cost of credit of £4,008.96 and a total amount payable of £11,508.96.

Rates may differ as they are dependent on individual circumstances. Subject to status.

We compare products from 16 of the UK's top lenders to get you the best deal.

Representative example:

Borrowing £7,500 over 4 years with a representative APR of 25.4%, an annual interest rate of 25.4% (Fixed) and a deposit of £0.00, the amount payable would be £239.77 per month, with a total cost of credit of £4,008.96 and a total amount payable of £11,508.96.

Rates may differ as they are dependent on individual circumstances. Subject to status.

We compare products from 16 of the UK's top lenders to get you the best deal.

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CarFinance 247 Limited is a credit broker and also operates as a lender under the trading name of 247Money.

All finance is subject to status and income. Written quotations on request. CarFinance 247 can introduce you to a limited number of finance providers, including 247Money, based upon your credit rating and will receive commission for such introductions.

* The UK’s number one online car finance provider by web traffic. Based on Experian Hitwise data – 809,654 visits to CarFinance 247 vs 384,132 for nearest competitor. January 2018.

Carfinance247 Limited is authorised and regulated by the Financial Conduct Authority, registration number 653019 and we are registered with the Office of the Information Commissioner (No. Z1897658). Applicants must be 18 or over, terms and conditions apply, guarantees and indemnities may be required.

† We do not charge a fee for arranging the finance, however some of our lenders may charge a fee. Your customer service specialist can provide more information on this